Eight of the ten postcodes in the UK that had the largest number of new companies opening their doors were located in the Greater London area. So, read on to learn why London is still a business hotspot:
Why London is still a business hotspot
The following factors make London a prime area for growing businesses:
- Wealth of employment opportunities
Jobseekers in all sectors have access to a wide selection of employment options in the UK capital. From entry-level jobs through to leadership opportunities, the wealth of organisations founded, headquartered and expanding means it’s the place to be to become part of reputable national and huge multinational companies. Workers at all levels profit from salaries that are more competitive than in other parts of the country due to higher living costs and wage expectations in London.
- Greater entrepreneurialism
As people re-evaluate their work goals after the pandemic, there is a spike in the number of business registrations, suggesting that there has been an increase in the number of people starting their own businesses. The number of workers on furlough fell by 61 per cent during the first half of 2021.
While many of those people have returned to their previous jobs, the data from Companies House suggests that a considerable number of people have chosen to begin their own companies. The establishment of these new companies in turn results in more job opportunities, which leads to a booming economy.
- Growth in technology businesses
In London, the amount of annual overall venture capital investment into technology ranks fourth in the world. This includes roughly 600 AI enterprises with headquarters in the city. As London begins to brand itself as a tech hub, it means greater avenues for investment.
- Leaders in global finance
The city of London is home to one of the world’s most advanced and sophisticated financial markets. It serves as the headquarters for hundreds of global business houses, financial services and protection companies, investment capital firms and thriving personal businesses. This concentration of wealth and global businesses leads to more diverse and rewarding job and investment opportunities in the city.
- Thriving hospitality sector
The capital of the UK and a thriving economy and cultural scene, London has a booming corporate and hospitality industry. With so many people moving through this city at any one time, it needs a booming hotel and property market to keep pace. The rise in luxury corporate accommodation options in London raises the standard of doing business in the UK.
- Access to a skilled workforce
If you set up a company in a city with a population of 8.1 million people, it goes without saying that you will have access to a large pool of prospective employees. Its rich multiculturalism sets London apart from other major cities around the world. You can find young, talented professionals who are eager to advance their careers and prove themselves by contributing to exciting new ventures in London.
Contact Team Tactics for more information on team building in London today.